MNCS Morning Navigator

28 April 2021

MNCS Morning Navigator 28 April 2021

Global Market Highlight

DJIA rose very slightly by +0.01% on Tuesday (27/04) followed by the fall of S&P 500 (-0.02%) and Nasdaq (-0.34%). Wall Street was flat as technology stocks stumbled ahead of earnings from Google and Microsoft to offset a climb in cyclical stocks amid data showing the U.S. consumer remains in good shape. Meanwhile, investors await for Fed's decision on rates and monthly bond purchases. Moreover, the market will look forward to several data releases today, such as: 1) US President Biden Speech; 2) US MBA Mortgage Applications; 3) Germany GfK Consumer Confidence.


Domestic Update

• Foreign Minister said Indonesia had received 3.85 million doses of AstraZeneca vaccine. So Indonesia has received the AstraZeneca vaccine from the Covax Facility of 4.96 million vaccine doses for free. So far the vaccine that has arrived in Indonesia is 67.46 million doses.

• Furthermore, there was an addition of 393 new Covid-19 cases in Jakarta yesterday.


Company News

1. BMRI IJ posted net interest income (NII) of IDR17.5 trillion, an increase of 12.6% YoY. On the other hand, BMRI recorded a consolidated credit growth in the range of 9.1% YoY or IDR984.8 trillion in March 2021. BMRI posted a profit before provision of IDR14.1 trillion in 1Q21, growing 1.7% YoY (vs IDR5.92 trillion in 1Q20) (CNBC Indonesia). MNCS Comment: BMRI's performance is in line with MNCS expectations where earnings reaches 26% of the FY21E target. The depressed NIM and increasing provision costs will still be a challenge for BMRI. Loan is targeted at low-teens with an NIM +20bps. Currently BMRI is trading at 16.49x/1.49x PE/PBV.

2. EXCL IJ posted revenue of IDR6.24 trillion in 1Q21, which is down -3.57% YoY (vs IDR6.49 trillion in 1Q20). Revenue from the data segment contributed the largest amounting to IDR5.21 trillion, up slightly from 1Q20 of IDR5.20 trillion. However, there was a decrease in non-data income to IDR574.29 billion from IDR803.85 billion in 1Q20. EXCL posted net profit of IDR320.51 billion in 1Q21 which is down -78.9% YoY (vs IDR1.52 trillion in 1Q20) (Kontan). MNCS Comment: EXCL performance on the revenue side is sufficiently in-line with the MNCS projection, which implies 23.35% FY21E target. While the performance on the bottom-line far exceeded our expectations supported by the efficiency at opex. EXCL is currently trading at 16.90x/1.11x PE/PBV.

3. INCO IJ posted revenue of USD206.5 million in 1Q21, which is an increase of +18.2% YoY (vs USD174.65 million in 1Q20). However, COGS also increased from USD154.17 million in 1Q20 to USD154.81 million in 1Q21. INCO posted a net profit of USD33.69 million in 1Q21 which increased by 16.35% YoY (vs USD28.95 million in 1Q20) (Bisnis Indonesia). MNCS Comment:  INCO has booked quite a performance with double-digit growth despite production slipped in 1Q21. We believe INCO will be able to keep increasing it's performance this year, as EV and battery is still the main focus for the green economy. INCO is trading at 21.97/1.44x PE/PBV.


IHSG Updates

JCI fell by -0.09% to 5,959.62 on Tuesday (27/04) followed by net foreign sell reaching IDR38.98 billion. JCI movement is still supported by the rise in the mining sector, followed by agri, finance and property. While, basic industry, misc industry and trading sector heavily weigh JCI down. Meanwhile, the Rupiah exchange rate was flat at Rp14,485. We estimate JCI will move in the range of 5,930-6,030 while waiting for the PMI Markit Manufacturing data release. Today's recommendation: AALI, ANTM, BRPT, PTPP.


Corporate Action

Cum Dividend Date: MLBI (IDR475/share)

Right Issue & Warrant Trading Start: FREN



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